In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...

Peerless Network, Inc. (www.peerlessnetwork.com),
a leading provider of carrier and enterprise interconnection services,
today announced that it has secured $15M in debt financing from Square 1
Bank (www.square1bank.com).
Peerless will use the financing to fund network growth, provide
additional data center capacity and enter new markets.

Peerless closes the year with a tremendous record of profitable growth
including:

Average annual revenue growth of 236% and EBITDA positive since 2010.

Expanded network points of presence (POPs) to cover 49 U.S. markets.

Entered long term customer contracts with several national wireless
carriers.

Completed construction of our first data center and colocation
facility with customer leases or options to lease nearly 8,000 square
feet of space.

Expanded our international presence to support a leading UK-based
mobile carrier’s entry into the United States.

Remained fully operational in all markets affected by Hurricane Sandy.

Introduced innovative new products such as Hosted Least Cost Routing
and PSTN Control services.

Named the 97th fastest-growing private company in the
United States by Inc. magazine.

“This has been an amazing year for Peerless and our new financing is a
direct result of profitably growing our business by executing our
strategic plan,” said John Barnicle, President and CEO of Peerless
Network. “We remain focused on taking advantage of the competitive
environment and expanding our portfolio of services with a common-sense
approach that plays to our strengths. Our new state-of-the-art data
center is a perfect example and is nearly 100% leased within weeks of
its launch.”

About Peerless Network

Peerless Network, Inc. is a leading provider of interconnection and data
center services focused on simplifying how networks, devices and people
connect. Headquartered in Chicago, Peerless Network is among the
nation’s fastest-growing privately held companies and ranked 97th
overall on the 2012 Inc. 500 list. Please
visit our website at www.peerlessnetwork.com.

About Square 1 Bank

Square
1 Bank is a full service commercial bank dedicated exclusively to
serving the financial needs of the venture capital community and
entrepreneurs in all stages of growth and expansion. Square 1's
expertise, focus and strong capital base provide flexible resources and
unmatched support to meet our clients’ needs. The bank offers tailored
products and solutions aided by the latest in technological innovations.
Square 1 has offices coast to coast in Austin, Boston, Denver, Durham,
Los Angeles, New York, San Diego, Seattle, Silicon Valley and
Washington, DC. For more information, visit www.square1bank.com.

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